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's the ultimate game of chicken. by the way, a new plan that works in taxing bank assets and even grabbing some money from the church. how about that. meanwhile, back here at home once again i'm going to stop this nonsense about a new national internet sales tax. my pal grover norquist will help me declare war on it. this is a big government tax grab that we will debate. >> speaking of taxes, guess who is not paying them? more and more federal workers are tax cheats. why shouldn't tax cheats just be fired? it's that easy on the "kudlow report." and we begin right now. first up tonight, the cyprus crisis continues. riots are forming in the streets. cnn's own chief international correspondent michelle caruso-cabrera is with us tonight. >> cyprus is going to do something that's called "resolving a bank." like all tough things in life, we use euphemisms. tonight the head of the central bank has asked parliament to give him permission to give him new powers of resolution authority. what he will do with that resolution authority is he will take cyprus's most troubled bank, he's going to take the good
our spending issues and would not incorporate $1 trillion or more of increased taxes which will just simply go to more spending. how could we possibly support a budget with a $16.7 trillion debt that plunges us further into debt, with a staggering increase in debt, and also spending that doesn't reduce spending but simply reduces the rate of growth of spending, which is a step but nothing nearly appropriate to what we are facing. so this budget grows government. let's not make any excuses. it grows government by increasing spending. and it grows government by a massive increase in taxes. just after we've had one a few months ago. and not counting the massive increase in taxes that's going to occur beginning in 2014 with the implementation of obamacare. when we add that up, when we look at the cost of that, we face dire circumstances. and you would think that the budget being offered to us would not increase debt by 42%, but would address the real problem. now, i know there's been a dispute about how much this budget revenue, taxes are increased. some say $1.5 trillion. those that hav
osborne unveiled the government's proposed tax and spending plans to members of the british house of commons. he told members 600,000 more jobs will be added this year according to forecasters. corporation tax will be cut to 20%, the lowest tax rate than any other economy in the world. in his one-hour speech, chancellor osborne announced measures aimed at assisting small business owners, first- time homebuyers, and british veterans. this is about an hour and 15 minutes. mr. deputy speaker, this is a budget for people who aspire to work hard and get on. it's a budget for people who realise there are no easy answers to problems built up over many years. just the painstaking work of putting right what went so badly wrong. and together with the british people we are, slowly but surely, fixing our country's economic problems. we've now cut the deficit not by a quarter, but by a third. we've helped business create not a million new jobs, but one and a quarter million new jobs. we've kept interest rates at record lows. but mr. deputy speaker, despite the progress we've made, th
>> we're back with the funds that will maximize your tax refunds. morgan, th is a real estate fund, a bunch of stock in real estate. >> this focuses on commercial real estate so retail, office space, apartment space. i like this because it has a low expense ratio and a decent yield. >> bill, real estate has been booming recently. right? >> you can get the same product in charles schwab for one third the price, it's a little like paying $11 a gallon for gas. >> you like gold and platinum. there is a fund that collects all of these precious metals. >> van guard precious metals buys miners. the reason i like it the nearly successful raid on bank kpas sits in cyprus made the world savers think about other ways to store wealth. >> cyprus. this is at a 12-month low. you are supposed to buy low. >> buy the miners themselves, don't go into this fund. i don't like the expenses. >> your fund is odyssey aggressive growth. why are you aggressive. >> they are basically a big play. look at these. up 15, 20%. really low expenses as well. great holdings in this fund. >> you like it? >> yeah. this
of the cuts into taxes. but at any rate, we think early this week we'll have a clear sense of getting this done t. may have to go back to the house if the senate does amend it, and then the house i think would quickly pass it. host: stick with us real quick. senate majority whip dick durbin was on fox news sunday yesterday talking about the continuing spending resolution to keep the government funded and timing on what. i want to play that now. >> this is all very important, i understand, but we have work to be done in just a short period of time. i urge my senate colleagues, let's be sparing in the amends. let's get the c.r. passed. we can do it and do it quickly this coming week. host: before we let you go, if they don't get this done this week railroad company we thinking members may come back from recess next week before the 27th? is there any talk of that? guest: there's been nothing that i've heard, and i mean, i just wouldn't -- i wouldn't be too speaked by this. i think they will get it done early. i think they'll know by today, we'll be able to rough out a schedule after we h
their fair share too as we work towards deficit reduction. so our senate budget locks in tax cuts for the middle class while closing loopholes and cutting wasteful spending in the tax code. and our budget uses that new revenue from the wealthiest americans and big corporations for deficit reduction and for investments that support our economy and strengthen our middle class. now the house republican budget, which we'll vote on tonight, does the opposite. according to the tax policy center, the tax plan in the house republican budget would cost nearly $5.7 trillion in lost federal revenue. and the majority of that lost revenue will benefit the wealthiest americans. and just like past house republican budgets, it's once again pretty unclear how this budget would pay for all those tax cuts that are skewed toward the wealthiest. but the reality, mr. president, is that to achieve the goals that are laid out in their budget, house republicans will either have to add to the deficit, meaning their budget might not actually balance as they claim, or they're going to have to raise taxes on
we spoke to grover norquist of americans for tax reform on this morning's washington journal. here's a portion of the conversation. >> host: welcome back to the "washington journal" and over -- grover norquist joins us. i want to get your thoughts on the news of the growth and opportunity project report out from the republican national committee, the chairman of the republican national committee is having a press conference that started a few minutes ago at the national press club, talking about changes that the party needs to make in terms of outreach, changes to how to dominate a presidential nominee. just on what you've heard so far? >> guest: first of all is important to do a postmortem on an unsuccessful campaign. republicans at every recent to believe that -- would capture the senate and when the white house as well and it didn't happen. now at the same time republicans had 30 governors and democrats have 20 and at the state level more republican state legislators than democrats. there are 25 states where republicans have united control in both houses and only 12 states, less
is back, and the $13 billion bailout in cypress. they want to pay for it by taxing people's bank accounts. dagen: the president will announce his no , nominee for s secretary. another looks at a man's record over at the justice department. connell: the cyber threats, a new report according to an isp, nigeria as being the worst for spam. dagen: the corporate tax burden in the country. who pays the most? those stories and much more coming up in hour on "markets now." ♪ connell: markets are going back to positive. dagen: who has a greater connection than anyone in the building. connell: good morning, nicole. dagen: good morning, yes, my mother and father were born in cypress, but i want to look here at the averages, a lot stemming from what we heard in cypress, them giving a vote to tax the depositors there, and that, in turn, could really pressure europe overall, that vote takes place tomorrow. the banks closed until thursday. the euro is at a four month low, and people are spooked. i mean, that's really what's occurring here, down 45 points for the dow jones industrials, so that's down
't read. there is a payroll tax of .9% and investment tax 3.8% and excise tax of which there are 159 rules to spell out how that tax applies. can you imagine how this is going to be? this is nightmare. this is so the federal government can hire millions of people to make this legislation possible. it's idiotic. they should break it around started all over. >> eric: and remember when president clinton said that it would not add to the debt and now it's trillion dollars? >> it's amazing people hate so much of it. let's note the american people when asked about the specific provisions in the affordable care act actually like it. they like tax credits for small insurance and closing the medicare loopholes and 80% of like those things and less than 50% know they are in the bill. >> let's talk about why this is going to kick in. eric they purposely wrote this thing, once it is in all the crappy things come out. knows what is going to happen to medicare costs and medicare or anything like that. good luck trying to find a doctor or nurse. they did this in purpose. they bam, smacked you with this.
shoppers, beware. you may get slapped with a new internet tax being handed down from capitol hill. that story, just ahead. >>> and later, giving new meaning to the term zombie economy. >> they see you as killers. they're training to attack. >> i'll tell you what, next time you see phillip, you tell him i'm going to take his other eye. >> the creator of "the walking dead," robert kirkman, attributes part of his show's success to the financial crisis. kirkman will join me later to explain. you're watching the "closing bell" on cnbc, first in business, worldwide. [ male announcer ] this is a reason to look twice. the stunning lexus es. get great values on your favorite lexus models during the command performance sales event. this is the pursuit of perfection. how do traders using technical analysis streamline their process? at fidelity, we do it by merging two tools into one. combining your customized charts with leading-edge analysis tools from recognia so you can quickly spot key trends and possible entry and exit points. we like this idea so much that we've applied for a patent. i
. he's planning this year to abolish the corporate and individual income tax, moving in a very different direction than the national democrats want to and winning elections with that approach. so there's a lot to be learned both by the failure of the romney campaign and the senate races and the successes the republicans have had at the state level. >> host: and we're taking your calls in this segment with grover norquist with americans for tax reform. the phone lines are open. democrats, 202-585-3880. republicans, 202-585-3881. independents, 202-585-3882. grover norquist known as an expert on some of these budget issues. you bring up the senate budget that we saw from budget chairwoman patty murray last week with. talk about that and how you think it compares to paul ryan's budget. >> guest: there are two major differences. they certainly go in different directions. the paul ryan budget balances in ten years and does not raise taxes. patty murray's budget never balances and raises taxes $1.5 trillion over the next decade. so what the democrats and patty murray are saying in add
on a new tax release coming in the years for the creative industries like high end television and animation with new support for our world class visual effect. to help small firms increase. spend through the small business research initiative. we will fund the proposal po make growth available to small firms seeking advice on how to expand. and putting new control on what regulators can charge by giving a new requirement to have a -- growth perspective of employers. mr. deputy speaker, a vital sector for our economy and the cost of doing business is energy. creating a low carbon economy is done by create jobs rather than -- was a major step forward for new nuclear. today with help of we are also announcing our intelligence to take two projects to the next stage of development will support the manufacture of mission vessels in britain with new takes incentive and the honorable members has urged do you passionately and in a nonpartisan way about the damage of doing the famous ceramic industry and persuaded me we will exempt from next year the industrial processes for the industry and others f
their proposals on taxes. under their budget, the top rate is to be reduced from 39.6% to 25%. the a.m.t. will be repealed. the corporate tax rate will be cut from 35% to 25%. but you don't find one sill bell in the republican budget on how these tax cuts will be paid for. . they don't identify a single tax policy that will end. the republican budget would mean a huge tax cut for the very wealthy, several $100,000 a year and leave a nearly $6 trillion hole in the deficit that would lead to tax increases for middle-income families. that isn't balance. that is total imbalance. at the same time, republicans propose cutting $3.3 trillion from programs for people with low and moderate incomes, including hundreds of billions of dollars for food nutrition and medicaid programs. so i want to end by asking the republicans when they come and talk about their tax proposals to name a specific that they would address. it's not in the republican budget. name one, name two, name three. otherwise, it's worse than empty. the chair: the time of the gentleman has expired. the gentleman from wisconsin.
that would be devastating for our families and the economy, dismantling medicare and ending up cutting taxes for the rich while raising them on the middle class. and not only that, but it did rely on gimmicks and tricks to hit that arbitrary date. there is nothing balanced about that kind of approach, and i'm very glad that every member of the senate had an opportunity to be clear about where we stand on that. mr. president, the senate also voted yesterday to specifically reject the idea that medicare should be dismantled or voucherrized. i'm glad we had strong bipartisan support on that amendment. we also voted clearly for the idea that while both sides favor closing tax loopholes and ending wasteful reductions that favored the wealthiest americans and biggest corporations, the senate thinks some of that revenue should be used to tackle the deficit and invest in the middle class, not be used just to simply cut tax rates for the rich the way that the house budget did. so, mr. president, we have a few more hours of debate this morning between now and 11:00, followed by some votes, and then we
every with me that today we need a blue-collar conservative project which has taxes are people who work hard, do the right thing and want to get on? stop spending billions of pounds we don't have on overseas aid where we saw -- helping with their cost of living -- [inaudible] >> first of all, can i thank the honorable frien thing for givine the opportunity to remind people that even before this budget in two weeks time there will be a tax cut for 24 million people in our country? [shouting] as we raise the amount of money you can earn before you pay tax come we will take an over too many people out the tax altogether. we have frozen the council tax. we have canceled fuel duty increase after fuel duty increase, and we are legislating -- and i can also tell him where not going to carry on with a proposal made by the previous energy secretary which was about 179 pounds on everybody's bill. we decided to scrap that. >> ed miliband. [shouting] >> trento want to ask the primers about the situation in cyprus. can the prime minister update the house what is being done to protect the british nat
is trying to shoot down this tax on a medical device maker. >> the medical device packs is something that is a pretty bipartisan bill. you will not see a lot of bipartisanship there. dagen: brad, final word. do we really know what this will cost us as a nation and individuals? >> we look no further to the entitlements that the government had to perform before obamacare. medicare, renegade is going bust on its own. we created a whole new entitlement program where we could not even administer properly and provide the coverage to those already admitted. it is on a pathway to unsustainability unless something is done to change those programs. i have no confidence that obamacare will have any more success than the two programs i mentioned. dagen: thank you both. the well. connell: senators getting set for a marathon with back-to-back voting. they will be voting on amendments that protect the budgets. dagen: rich edson is live in washington, d.c. with more. rich: most of them are designed to get the other party to take difficult votes. the republican amendment drew more than 30 democrats i
's implementation, the bulk of the taxes are in effect. the benefits and mandates kick in next year. tracy? tracy: clearly, already seeing effects. cvsments you on the scale and tell them how fat you are. you talked about the debt ceiling, what did he say about that? >> i did. one of the next fights comeing up here, we could expect to hit the ceiling this summer in august. he says we're not going to agree to raise the debt ceiling without doing something about entitlements. mcconnell says this brings the president to the table so republicans want an equal number of cuts or more cuts than whatever amount they agreed to raise the debt ceiling by. mcconnell says it's got to come from entitlements because you can't do enough of what we've seen so far, discretionary spending. tracy: they want us off the beach in the summer. we'll have another debt ceiling fight, be here in august sweating it out again. >> yeah, can't wait. tracy: i know, me too. rich, take the vacation now, thanks. >> yeah. tracy: ha-ha, okay, you may want to sit for the next story. members of congress workedded together and passed a
in the mine. the amazing thing is that although the central banks have been taxing myself deposits, giving negative interest rates and by a depreciating currency, like 26% depreciation in last 10 years, the ecb would come out so openly. that is the shocking thing. and of course, people should be very worried about what happened in argentina. they froze deposits and withdrawals so that this could spread. as we look at the united states and europe and the way that the politicians are running the show, it'd heading for disaster. as simpson-bowles said, it is a cancer. there is a time when bank deposits will be threatened if we continue even if the united states and europe -- people go to banks today thinking that it will be okay to. neil: that is a good point. not that it would be imminent or a near-term threat. but the fear is, here is a vulnerable little country where this is looking like a real fear. what about greece? what about portugal? >> i mean, this is western country. the last i heard is that europe is part of the west. >> what is your fear? >> my fear is that if things go awry in
as quickly as possible. now, we had the discussion earlier about taxes and we thought that we had worked the tax problem for and everybody preserved people's taxes for 99% of the people and we thought that there were going to be some spending cuts coming. somebody sent me this little chart that i have to share. this says "republican" on it. "okay, i'll raise taxes if you promise to cut spending." well, lucy, it's a "deal." but we've been watching this cartoon for years and years and we know what happens. when we go to pick up the spending cuts, the football suddenly gets lifted out of the way and we wind up on our back. the american public winds up on its back. that's not the kind of spending cuts we're looking for. we're looking for some real spending cuts. not just a decrease in the growth but some real spending cuts. and there's -- there's a way to do those. wyoming has been faced with probably an 8% in reduction in its income. how did it handle it? the governor, seeing that coming, got ahold of every department and program and said, i need a plan from you for how you would cut 2%, ho
, a possible tax on bank deposits and austerity measures that could result in the loss of thousands of jobs. that has sparked a protest. welcome to a brand-new hour of america's news headquarters. >> jamie: good to see you. good morning, to all of you. it happens that time is running out fast in cypress. if they can't reach a deal, the european central bank will stop providing emergency funds to cypress after monday, triggering a collapse of the country's banks. greg? >> shannon: hey, jamie, eric. it is crunch time here in cyprus. the economic fate of the country could be decide in the next several hours. all of europe and the united states is watching. the action rate now is in brussels. officials are meeting with the top brass at the u.u., the european central bank. they are trying to figure out a bailout for the near bankrupt country. the terms are tough, including the bank levy, 20% on big depositors at the main bank, which has been very controversial. in addition to that, other demands on the bank system have people worried about their job, worried about their moan. we were out and abo
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! >>> >>> the tiny island of cyprus sets off big scare with plans to set off the rule of law. they want to tax all bank depositors large and small to pay for a bailout. this has never happened before.e are in trouble. if nothing happens, optimism runs the show. cyprus is the money ground for dirty money from russia and other rogue nations. the government of cyprus is scared to death of insulting vladimir putin. we'll have an expert who will play this scenario out for us. "the kudlow report" begins right now. >>> first up, let's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls bel
on public servants, wasted money spent in the financial crisis and the only thing is higher taxes. >> there is an oversight of spending tax dollars, we have known that for a while. with the story with school superintendent, national average 162,000 to be a school superintendent but some of these guys are running half a dozen schools, less than a million students, some of them are making 200,000 or more. it is amazing there is no transparency, little oversight for the public servants will scream about the private sector. look to your own backyard. charles: the same ideology that argues about corporate salaries uses that as an excuse to bump up their own salaries. digging a were using to bump up your salaries? connell: thank you, charles, appreciate it. dagen: i am taken mcdonnell. connell: i am connell mcshane. thank you for joining us and this is what is keeping washington up at night. preventing a budget deal from happening. dagen: a big day for bernanke and company. is it time for the central bank to pull back on the bond buying? connell: and the taiwan factory making the recall
of bankustomers are blowing their talk, with talk of a 10% tax on deposit the money, has a lot of angry customers storming the atm machines but the government has closed banks to avid a bank run, a keeping them close until they sort this out, but the tax is till coming. for cyprus it is about the cost of staying in the euro club, never mind how average i citizes there are getting club. but this is about taxing assets there. something with which we should all be very familiar here. no uncle sam has not hacked into our bank accounts -- yet, but he made a b-line for our other assets like next time we try to sell our home, and obamacare wants 3.8% of the profit for medicare tax. juss like it is tacking medical devices for what it deems exception atrogen -- generous healthy insurance policy. so what is such a big leap going from hitting you up for dollars off fur devices, and hitting you up for dollars off your deposits. none, i tell you cyprus is not isolated. i am telling you, cyprus is a test case, it is starting, it was not only liberal the world over watching. now big brother, everywhere salivati
us up. it is serving iranians but not a penny tax increase. but in that environment it is unrealistic thing to expect a grand bargain and we don't want to hold short term policies hostage to have a grand bargain i'd love to see but isn't going to happen right now. >> this last graph is about japan. you brought it to my attention. you wrote a book at about the japan economics and the -- >> that's right. >> japan is the full-scale dress rehearsal for what we are going through now. people studying japan in the '90s were dreading what happened. >> if you look at japan, one thing you say is when you look at japan now you are glad the japanese central bank is finally doing something. you often argue that japan didn't do enough in terms of stimulus. i want to show you japan's debt to gdp. i guess if this isn't enough, than what is? look at what they spent, it paved every roadway and highway that you could find and it went from 60% debt to gdp to 250% and still it didn't. >> be careful here because that's is gross debt and the central bank is a smaller number actually. >> i have seen the debt
taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of
a bank at tax plan. now the risks of bank runs and bank collapses mount in this tiny country. we are about to bring you live report from cyprus. but cyprus may have an ace in the hole. it's called russia. the parliament is going hat in hand to russia to save its financial system in return for ownership of its natural gas resources. so do i have this right? the russian money-laundering thugs can save cyprus and maybe europe and maybe the global financial markets as well? it's a very scary thought. however, here at home, american business leaders speaking in one voice in a new campaign to push pro growth corporate tax reform. i like it. the polls show it. there's too much talk about root canal, dent and budge cutting. we need growth, we need optimism. we need "the kudlow report." it begins right now. >>> first up this evening, let's go live to cnbc chief international correspondent, michelle caruso cabrera who joins us from cyprus with the details. good evening, michelle. >> reporter: good evening, larry. it's been a day of high drama here in cyprus. just a few hours ago, the parli
under $100,000 euros taxed 3% while savers over half a million will see the levy kred to 10%. those above the threshold pay 9.9% tax. the total revenue raised is expected to hold just shy of 6 billion euros. the rescue package is slated to begin today around 1500 cet. in the meantime, we're getting comment out of russia. seen as perhaps the targeted party here, i should say, with regard to some of the deposit taxes that are being pushed through on cipriot banks. for example, putin via spokesman has apparently called the levy, if approved, unfair, unprofessional and dangerous. european markets are in the red across the board as we've seen today. the ftse 100 down almost 1% and the xetra dax better than 1%. the ibex 35 is down 2%, roughly the same amount for the ftse mib. we can tell you that spanish and italian bonds have risen both on banks and for some of the periphery, showing pressure, as well. here is a look at some european banks. a mix there. on the left, you can see spain. banco santander down almost 4% some some cases. unicredit down almost 5%. moving to the french banks, cr
. it's going to open us up and it's serving iranians, but not a penny of tax increases. no way. in that political environment, it's an unrealistic thing to expect any kind of grand bargain and we don't want to hold short-term economic policies hostage to having this grand bargain that i'd love to see but isn't going to happen right now. >> let me ask you about the last graphic about japan. japan looms large and you spend a lot of time working on it. you came to my attention first when you wrote a book about the, you know, japan-style depression economics and the age of diminished expectations. >> no, japan was the full-scale dress rehearsal for what we're going through now. japan is, people who were studying japan in the 1990s are the ones who are dreading what actually happens. >> when you look at japan. one thing you say, you're glad that the fed, the japanese central bankers finally doing something, but you often argue that japan didn't do enough in terms of stimulus. i want to show you japan's debt to gdp. and, you know, if this isn't enough, then what is? look at what japa
from cyprus and concern about deposits being taxed obviously set off worries on wall street abroad and here at home obviously. sandra: opposite end of the spectrum, jcpenney, the retailers, jcpenney a huge rally today, nicole? >> a couple of reasons. isi group talking about the fact that they might turn into a reit-like entity. oppenheimer talking postively about jcpenney. david: apple, apple, even though the market came down i think apple stayed up about 12 bucks. why are they doing so well on the eve the samsung announcement? >> that is pretty amazing. once the news was out about samsung it took away some uncertainty. apple bucked the trend. sandra: best buy seeing a nice top. that was an up stock on a down day. >> best buy, the last quarter was a great one. they got positive analyst comments as well. jpmorgan initiated coverage with overweight rating. [closing bell rings] david: the bells are ringing. we're not at absolutely postively lowest point of the markets but very close to it as we see a down market. dow jones industrials down 61 points on the beginning of this trading we
kind of tax or sees sure of deposits. if approved it could give everyone in the country a bit of relief. basically insuring what is being proposed in cyprus really can not happen here. joining me with details is the cosponsor of the resolution, republican congressman tom coal from oklahoma. congressman, thanks for coming on the show. >> thank you. melissa: do we really need a resolution to protect us from this? is there a danger this would happen, do you think? >> people in cyprus probably thought the same thing a couple days before it happened. do we really need to worry about this? i think we ought to make sure. and look, i don't think it would happen, i will be honest with you. i think, most of our regulators understand how counter productive this is, how it will destroy confidence. it will give people not to put money in safe places like banks. but we ought to reassure people and ought to send an unmistakeable sign to our own bureaucracy, that congress wouldn't tolerate something like that. melissa: has there been talk doing something like this or could you see it happening? i have
that support job creation just for the sake of more budget busting tax cuts for the wealthiest taxpayers and corporations. yet my friends on the other side my friends continue pushing this approach in the name of deficit reduction, but their own leadership admitted we don't have a debt crisis in the country. the architect, congressman paul ryan, said we don't have a debt crisis. speaker boehner said it's not an immediate problem. why should we enact this budget while democrats have a balanced approach to protect the middle class. why should we pass a budget that gets 66% of its cuts from programs for people of low or moderate income. why should we pass a budget that cuts pell grants that helps students or cuts the snap program that helps to feed 48 million people to give a $200,000 tax cut to millionaires? the budget put forward by the congressional black caucus continues the snap program to prevent americans from going hungry. while at the same time, reducing the deficit by $2.8 trillion over 10 years. the american people know we can't cut our way to prosperity, nor can we succeed by pu
on the failed idea that giving another round of tax cuts will somehow triple down and lift up all the other boats. we know that has not worked. peter: the senate starts its votes on its budget tomorrow. i will start here before i talk about easter bunnies and march madness. connell: we do not want that, peter. we never want you to get into trouble. dagen: that does not get you into trouble with us. we go as far as talking about audio parts. right now we want to talk about funding the government. 68% of americans say it is a problem. connell: monica crowley is here with us today, as is leo kelly. interesting because of what we have seen in the stock market. today, with the market pulling back with all-time highs, it is not really about the stuff peter is reporting about. >> cyprus, his little country that no one really was paying attention to a couple weeks ago certainly has no whole world turned upside down. what the market has really come to expect from washington is delayed until the last minute, but come up with a resolution. the threat goes away each time they do this. dagen: speaking o
frantically looking to rejigger the tax. i stress, not eliminating the tax. maybe focus on the rich. take 20% of their dough. hard to say. this much is not. it is going to happen. because the government needs the dough. if they still want to get european union dough. it gets weird and complicated. desperate to stay in the euro club. does this ring a bell? it should. no one is taxing the bank holdings, thanks to obamacare, they are going after the other assets. 3.7% on investment sales larger than 100,000 grand. the next time you try to sell your house, trust me. you will hit the roof. think about that. tax not on your income, earned or unearned but your assets. what you have, what you own. your tangible assets. home here, bank account there. is there difference? no. no difference between american government taxing you for medical devices and what it deems as a medical insurance plan. taxing you not on what you make but what you have. the stuff you attain through life of work no, matter when you work or how much you made when you work. stuff you got now. to government, it sees that y
.ing a move that has -- considering a move with major implications all over the world. officials want to tax a percentage of every individual savings account and they would reach in the account and take the money. as you can imagine, the reaction has been fierce. senior foreign affairs correspondent greg greg palkot has the story tonight from london. >> the mediterranean island nation of cyprus is small but it rocks the global markets, including the u.s. because it's going to do the unthinkable. fund a near bankrupt government. at least the solution we went for is for sure not the one we would have liked. but under the circumstances, it was the least painful one. >> exchange for a bail-out from the european union and imf, cyprus wants a so-called tax of around 10% on account of $130,000 and over and 7% for the rest. exposure to invest in the greece and lax banking regulations are to blame. attracting foreign investors including russians. brussels and germany are seen by cypriates as the villain. >> we don't want germany here. we don't want them to help them at all. >> all of this is causing
on this rich guys did not dodge the tax. now a government has broken precedence, by going after what is in their bank account, how long do you think it will be before governments start sniffing around your bank account. frankly, i believe it's not long. think this country, when first federal income tax was just to blender efforts of world war i but it stuck around. or europe. expanded. what started out as a 4% tax for millionaires is now north of 20%, and en snaring, well, everyone. that is what concerns me about this cyprus tax. what the poor saps will discover when the banks reopen in cyprus, run. can't take their money and the government is watching and limiting, and i am kind of worrying. what is going on in this island nation, is a tsunami. bank on it. literally. to rich edison, in cyprus to this nervous night before, hey, rich. >> good evening neil, you have to imagine, folks without access to their banks account will have some tomorrow 8:30 in the morning. for more than a week these folks had closed banks today there was a bit of a lull, in fact that banks were closed not beca
about cyprus and what they'r they are doing, thet off this decision to tax or confiscate the bank accounts, but what happens now? how will they please those at the imf and the european union? big questions remain and that is why you see the red arrows. but just squeezing out a gain for now. lauren: investors also applied to the safety of u.s. treasuries today rallied for a third day pushing the yield on the 10-year note to a two-week low. david: without the fed announced what they are going to announce on wednesday. oil closing below $93 per barrel, this is the first fall for crude in four sessions, dropping 1.7% settling at $92.16 per barrel. lauren: and you have to look at the retailer's underperforming the market today especially the key names. american eagle, abercrombie and fitch, all falling greater than 3%. david: the stocks are much the same. rejecting the confiscation of bank accounts but there are things going on here in america that are not as friendly. the chief research officer joining us with a disturbing new report, one that shows the united states is falling behind
to the bottom of that? are we about to see a national internet tax, a tax on everything you buy online? it is on the hill today, and you need to see this report before your next click. and no more carrots. remember those thing. american tourist. you couldn't fit that in a carry-on if you tried. a major carrier experimenting with no more carry-s on. leave the luggage behind. you goat sit down first. it's a big change in the way america waits in line and flies away. sue is off today. simon is at the new york stock exchange. simon? >> and tyler, i'm slightly concerned for your european whack a mole you seem to have a very brutal hammer. let's move on and check where we are with the markets. after so many golden weeks of gains, it's been a little bit rough, but about 90 minutes ago we went positive. the dow went positive for the week. we were up over 90 points just shy of that, as you can see. let's have a look at where we are on the s&p right now. 1555 as we head into the weekend. we'll check on golds and brented a we work our way through the program. let's see what the mood of bob pisani
of dollars of emergency crash and creditors impose onetime tax of 3% on all bank deposits under $130,000. >> going deep here. >> the tax could be closer to 10% on people who have over $640,000 in the bank. that's according to the "the wall street journal" this morning. people stood in long lines over the weekend to withdraw money before the policy went into effect and now russian president vladimir putin is calling the move, quote, unfair, unprofessional and dangerous. russian citizens make up the majority of billions of euros held in cypress bank. this is important. >> cypress. >> who cares about cyprus? >> come on, cyprus. are you telling me if somebody sneezes in cyprus we get a cold than on the nasdaq? >> tell us why. >> we have a cold on the nasdaq. the nasdaq is going down today. not too many people care about cyprus but a way the europeans have screwed up the bailout by getting the people to pay a part of the cost. you could have a run on the bank and europeans say why do i have my money in this bank? might be a tax on me next. it shows that europe is still a mess, that they h
a bank deposit tax. sterling is trading lower as they get ready to set out this year's budget expecting to redirect spending to revive growth and deutsche bank lowers its earnings due to mortgage related lawsuits and/ regulator investigations. >>> plenty still happening as we follow the cyprus story for you and explore just what it means for investors across europe and around the world because the market reaction has been relatively muted if you consider the extraordinary nature of these events. cyprus' president is meeting with party leaders this morning after lawmakers last night unanimously rejected a proposed tax on bank deposits. this was crucial to unlocking a $10 billion bailout. the house speaker said the decision had been made for all europeans. >> this decision of the house of the republic of cyprus is protecting all the people of the countries of the european union and this is the main message i want to send tonight to all european citizens. >> now meanwhile cyprus' finance minister is appealing to moscow for help fresh from his talks with his counterpart this morning. discus
national debt, and even a bib llically based call r a flat tax. that's what i love. is he the conservative that can save the gop? here is the aforementioned dr. ben carson. director of the pediatric division at john hopkins university. and with us this hour, cnbc contributors keith boykin. as always, dr. carson, great to see you. i'm reading one of many articles that you're retiring in 100 days. i wonder if you would share future plans, especially public service. >> i have a lot of things on my agenda. i've got ten international trips. a multitude of speaking engagements around this country. we're working very hard with the college fund. we're in all 50 states. we're putting in reading rooms all around the country. particular particularly targeting title one schools. >> as you know, senator carl levin is retiring. any interest in that open senate seat? >> people keep trying to put me into politics. i don't believe i fit the mold. i don't believe in political correctness, and i certainly don't believe with getting into bed with special interest groups. i just don't believe i'd fit. >> how a
to the streets to protest and a tax of up to 10% on their life savings. on sunday, fresh protests erupted. on cyprus withre the economist richard wolff after the headlines. and your report says the cia has been supporting a vast expansion in the flow of weapons to syrian rebels fighting president bashar al-assad. the new york times reports the airlift of arms and equipment to the rebels, largely overseen by turkey, has massively increased since early 2012 to include more than 160 flights in jordanian, saudi and qatari planes. u.s. intelligence officers have helped shop for weapons and have vetted rebel groups to decide who gets the arms. the cia's covert backing comes despite the obama administration's public support for solely non-lethal aid to the rebels. meanwhile, the cia has further increased its role in syria by feeding intelligence to rebel fighters for use against the syrian government. the wall street journal reports the move comes as part of the u.s. effort to tamp down on islamist militants in syria by aiding secular forces. secretary of state john kerry has urged iraq to take
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